The trust initially purchased a 50% interest in March 2002 from the Uniting Church, who has remained the joint owner until now. Current tenants include Sussan, Transfield, ACI, Delta Electrical, Capral Aluminium and Northline Freight, with a precommitment from the NSW Rural Fire Service. In terms of englobo industrial land, a 27.73 ha industrial development site in Gaven, which is bordered by M1 (Pacific Highway) and the Brisbane to Gold Coast Rail Link, settled this month for $11.2 million. A recent example is the property at 32 – 34 Garden Street, Southport, which houses the well known national tenant, Beaurepairs, which has recently sold for $1.55 million representing a net yield of approximately 5.03%.Furthermore the property has a land area of 1,394m2 which is somewhat larger than most of the surrounding land holdings and this is reflected in the yield.
The sale of a nine storey building located at 64 Ferny Avenue, Surfers Paradise, known as Breakfree House has occurred recently for a reported sum of $7.75 million representing a rate per square metre of $2,672 and a net yield of between 8% and 9%.Breakfree exercised its option to purchase the building in October last year for $5.5 million also relocating to the building and taking naming rights. The building is located in what is considered to be a high profile position with a modern design and tenants including Breakfree, Gold Coast Visitors Bureau, Energy One, Optus, Knight Frank and Radio Metro.
The second stage is to comprise 17 allotments with listed prices ranging from $1.85 million to $2.55 million. The values being achieved here are in line with those in more established prestige waterfront estates like Paradise Waters and Cronin Island. On the back of the record sale of 3551 Main Beach Parade (as reported in Feb/March BenchMark), two Main Beach beachfront units recently sold at record values. Unit 4/3513 Main Beach Parade sold at auction in February 2004 for $2.2 million the Estate valuation The purchaser reportedly bought the property as a long term holding basing the purchase on a land value only. While this has not yet been seen to impact on the value of development sites, further site purchases are becoming more difficult to justify.
AMP Life and Ronnin Property Trust have parted with one of their trophy Brisbane assets with the sale of Waterfront Place last month. The 58,845m2 premium grade building was sold with limited vacancy and an average gross passing rent of $402/m2 (mix of face and effective rents within the building).